House Democrats voted this afternoon to increase the estate tax for next year from zero to 45% on estates worth in excess of $3.5 million. All Republicans and 26 Democrats voted against the measure, which permanently extends the life of the so-called “Death Tax.”
Although it dramatically increases the tax for next year, the bill would make the the estate tax lower in the years after that than it was prior to the Bush tax package 2001.
The measure was sponsored by Rep. Earl Pomeroy, D, N.D. See how your Congressman voted here.
